Orissa Metaliks Selected as SRA for Future Enterprises

MUMBAI — Future Enterprises Limited announced Friday that Orissa Metaliks Private Limited has been selected as the Successful Resolution Applicant for its Cluster 3 assets, securing 93.26% approval from the Committee of Creditors. According to a regulatory filing submitted to BSE Limited and the National Stock Exchange of India on September 4, 2026, the resolution plan was approved through e-voting that concluded on September 2, 2026. The milestone advances the corporate insolvency resolution process for the debt-ridden conglomerate by unlocking asset monetization for creditors.

Resolution Plan Approval and Voting Results

According to disclosures provided by Resolution Professional Avil Menezes, the resolution plans for Cluster 3 assets were reviewed and placed before the Committee of Creditors during meetings held in May and June 2026. The formal e-voting process concluded on September 2, 2026, in accordance with Section 30(4) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39 of the IBBI Regulations. Orissa Metaliks Private Limited emerged as the winning bidder, securing an overwhelming 93.26% majority vote from the creditors for its submission dated April 27, 2026, alongside an addendum dated June 10, 2026.

Context of Cluster 3 Asset Restructuring

Future Enterprises Limited has been undergoing corporate insolvency resolution proceedings, prompting creditors to segment the company's holdings into distinct operational blocks to maximize recovery value. Cluster 3 primarily incorporates residual manufacturing and industrial infrastructure units located in Maharashtra and Karnataka. The selection of Orissa Metaliks follows a competitive multi-tiered bidding process and subsequent legal clarity regarding challenge mechanisms, paving the way for final approvals from the National Company Law Tribunal.

Official Sources Section

Information regarding the selection of the resolution applicant, voting percentages, and timeline metrics is derived from official regulatory disclosures submitted by Resolution Professional Avil Menezes to BSE Limited and the National Stock Exchange of India on September 4, 2026.

Quote Section

"According to official regulatory filings submitted by the Resolution Professional for Future Enterprises Limited, Orissa Metaliks Private Limited has been officially declared as the Successful Resolution Applicant for Cluster 3 assets following a comprehensive e-voting process by the Committee of Creditors."

Why It Matters

Resolving distinct asset clusters through established corporate insolvency channels allows creditors to recover outstanding dues while transitioning dormant manufacturing units to active industrial operators. For the broader market, successful resolution milestones bring closure to legacy retail and manufacturing liabilities.

Key Facts at a Glance

• Company Name: Future Enterprises Limited

• Successful Resolution Applicant: Orissa Metaliks Private Limited

• Target Assets: Cluster 3 assets (manufacturing units)

• CoC Voting Share: 93.26% approval

• Exchange Scrip Codes: BSE: 523574, NSE: FEL

FAQ Section

Who has been selected as the Successful Resolution Applicant for Future Enterprises' Cluster 3 assets? Orissa Metaliks Private Limited was selected as the Successful Resolution Applicant after receiving 93.26% approval from the Committee of Creditors.

What assets are included under Cluster 3 of Future Enterprises? Cluster 3 comprises residual manufacturing and industrial infrastructure units previously operated by the company in states like Maharashtra and Karnataka.

When did the e-voting process for the resolution plan conclude? The e-voting conducted by the Committee of Creditors officially concluded on September 2, 2026.

Who manages the corporate insolvency resolution process for Future Enterprises? The insolvency process is managed by Resolution Professional Avil Menezes.

Source: Future Enterprises Limited BSE/NSE Filing, BSE Limited, National Stock Exchange of India